Analysis of the situation on the crypto market from May 30 to June 3

The situation on the market did not change much yesterday. Since the crypto market does not yet give clear signs, and indicators show completely different scenarios, it makes sense to take a look at what is happening on the stock market - after all, BTC has been quite strongly correlated with stocks for a long time. Prepared by a team of KickEX exchange analysts

Bitcoin

Against the backdrop of a slowdown in business activity, according to a Fed representative dated 06/01/2022, growth continues and there is a good correction wave in the US stock market. If we look below at the expected inflation, we can notice that after the peak values it has stabilized and is at about 3%, which gives a little positivity for the summer correction season.

Despite all the fundamentals and the high correlation of the cryptocurrency market with the stock market, we can note that after the retest of the key area (VAH) above the level of $31,400, the price of BTC nevertheless rolled back and approached POC $29,300. This trend is largely due to the actions of large players who methodically accumulated assets during the fall of the market, and a series of long liquidations that opened their transactions at the breakdown of $31,400.

Based on this, there are several development scenarios situations:

Scenario 1: movement to the lower key zone (VAL) $28,600 with possible squeeze movements below and a return to the levels of $31,400.

Scenario 2:breakout of $28,600, consolidation below the level and further movement to this year’s minimum - $25,500.

Subscribe to ForkNews in Telegram to stay up to date with news from the world of cryptocurrencies